The company that found oil in Gatwick is pretty sure there's even more nearby

UK Oil & Gas (UKOG) Investments, the company that made one of the biggest onshore oil discoveries in Britain near Gatwick airport, is buying up land around the site, signalled that it thinks the area in Sussex could reap a glut of oil in the near future.

UKOG revealed in a regulatory announcement that it has bought a further 10% interest in UK onshore Weald Basin licence PEDL143, which contains the Holmwood Prospect.

It bought it from Warwick Energy Exploration and Production Limited, boosting its stake in the site to 30%. In June it bought 20% from Egdon Resources.

The 91.8 square kilometres (35.5 square miles) PEDL143 licence is located to the immediate west of the Horse Hill-1 oil field, where 9,245 million barrels of oil in just 55 square miles were discovered in the Horse Hill licences (PEDL137 and PEDL246).

UKOG has a 20.163% interest in one of the Horse Hill-1 licenses near Gatwick where a well is being constructed. UKOG intends to drill a total depth of approximately 4,600 ft (1,400 metres) and will report back to tell investors if it has discovered even more oil. But this will not happen until next Winter.

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